Barry's Jewelers reports improved results for fiscal 1995.MONROVIA Monrovia, city, Liberia Monrovia (mənrō`vēə), city (1986 est. pop. 465,000), capital of the Republic of Liberia, NW Liberia, a port on the Atlantic Ocean at the mouth of the St. Paul River. , Calif.--(BUSINESS WIRE)--Aug. 16, 1995--Barry's Jewelers Inc. (NASDAQ/NMS:BARY) Wednesday reported significantly improved results for its fiscal 1995 fourth quarter and year ended May 31, 1995. For the fourth quarter, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight rose 17.3 percent to $29.1 million from $24.8 million in the same period of fiscal 1994, with comparable store sales rising 9.6 percent over the same quarter last year. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 64 percent and pre-tax income improved 89 percent over the prior year's quarter. Net income increased to $678,000, or 17 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , from a loss of $401,000, or 10 cents per share, in the same period of fiscal 1994. The company's results for the quarter reflect the realization of an $882,000 tax benefit as a result of the reduction of certain deferred tax valuation allowances. For fiscal 1995, net sales increased 19.3 percent to $136 million from $114 million for the same period in fiscal 1994. Comparable store sales increased 11 percent over the prior 12-month period. Operating income increased 28.4 percent and pre-tax income rose 35.5 percent from the prior year. Net income for fiscal 1995 improved to $2.8 million, or 70 cents per share, from $1.5 million, or 53 cents per share, a year ago. Results for fiscal 1995 were influenced by the realization of the tax benefit in the fourth quarter and a 37-percent increase in the weighted average common shares outstanding. Commenting on the company's results, Terry L. Burman, president and chief executive officer of Barry's Jewelers, said: "This year's strong, 36-percent gain in pre-tax income gives us a great deal of confidence in our business strategy. Our customer service and value pricing For the strategic management concept, see . In public roads and transport, value pricing or road pricing is the practice of raising funds by charging users directly rather than via taxation. strategies are continuing to yield improved results. "The opening of 22 new stores during the first six months of the year, together with our expanded merchandise mix, set the stage for a strong holiday sales period, which was highlighted by a 13-percent increase in comparable store sales over the same period last year. "We retained good sales momentum through the balance of the year," Burman continued, "and we concluded fiscal 1995 with average comparable sales per store of approximately $900,000, which represented an increase of 11 percent from last year. "While growing our top line we also continued to leverage the economies of scale available to us from our larger store base to reduce operating costs operating costs npl → gastos mpl operacionales as a percentage of sales, which more than offset margin pressures and had a predictable positive impact on our earnings." The company also announced that Burman has been elected chairman of the board of directors, and that Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs S. Liston, senior vice president of finance and chief financial officer, has been appointed to the additional role of corporate secretary, effective Aug. 15, 1995. Barry's Jewelers, the nation's fourth-largest independent retailer of fine jewelry jewelry, personal adornments worn for ornament or utility, to show rank or wealth, or to follow superstitious custom or fashion. The most universal forms of jewelry are the necklace, bracelet, ring, pin, and earring. , operates 161 retail jewelry stores throughout the country, primarily in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , Texas, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , North and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. , Utah, Montana, Colorado and Ohio. -0-
BARRY'S JEWELERS INC.
FINANCIAL HIGHLIGHTS
(In thousands, except share data)
(Unaudited)
Three Months Ended Year Ended
May 31, May 31,
1995 1994 1995 1994
Net sales $ 29,149 $ 24,850 $136,055 $114,023 Operating income 2,569 1,570 13,217 10,294 Income before taxes (65) (612) 3,453 2,548 Provision for income taxes (743) (211) 664 1,009 Net income 678 (401) 2,789 1,539 Net income per share 17 cents (10 cents) 70 cents 53 cents Weighted average common shares outstanding/a 3,968,980 3,969,019 3,968,998 2,902,359
/a: adjusted to reflect the 1:5 reverse stock split in November
1994.
CONTACT: Barry's Jewelers Inc., Monrovia Terry L. Burman, 818/303-4741 or Silverman Heller Associates, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Lou Alkana, 310/208-2550 |
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